FACILITIESAPPROVED

Grand Rapids Economic Development Authority Agenda Packet 2026-05-28

EDA Sells Crystal Lake Lots to Itasca County HRA

$80,000.00City of Grand RapidsITASCA COUNTY HOUSING & REDEVELOPMENT AUTHORITYMay 28, 2026

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Description

The Grand Rapids EDA approved a Purchase and Development Agreement to sell eight Crystal Lake Estates Second Addition lots to the Itasca County Housing and Redevelopment Authority for $80,000. The HRA will develop affordable single-family homes under its land trust program, with construction and occupancy milestones extending through 2028.

Contract Details

Contract Amount

$80,000.00

Vendor

ITASCA COUNTY HOUSING & REDEVELOPMENT AUTHORITY

Agency

City of Grand Rapids, MN

Contract Type

FACILITIES

Document Date

May 28, 2026

Contract Term

Closing no later than August 10, 2026; use and development covenants lasting 5 years after deed date

Renewal Date

2031-08-10

Renewal Info

Agreement includes construction timing covenants and a five-year post-deed use covenant for affordable owner-occupied housing; no automatic renewal but includes reversion rights if obligations are not met.

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